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And yet Microsoft is able to add it to the Xbone with a single update, for free. Unless there's some sort of catch that I'm not seeing.
That's not the same thing. They're adding backwards compatibility through software emulation. Not only that, but they're emulating one game at a time. It's a slow and expensive process, but it's damage control. They're desperate and don't want to loose any more customers to Sony.
As for Sony, PS1 and PS2 games are easy enough to emulate. For PS3 games you pretty much want to go with the actual engine. That console is notoriously difficult to program for and even harder to emulate properly (whereas Microsoft consoles are far more similar to one another, specs aside). It's not as easy as creating some patch that allows the PS4 to read PS3 discs, or else they would already have done that. Again, you pretty much need the PS3 hardware built into the PS4 if you want to make it backwards compatible. Luckily, PS4 is far more future proof as Sony finally went with something that more closely resembles a PC this time.
And then there's PS Now, a service which they're obviously trying to sell. In case you're wondering, those games are basically played via remote play. They're stored on servers, so they're not using the PS4 hardware at all.